Ripple Partner SBI Acquires DMM Bitcoin Assets Amid $320M Hack
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Ripple partner SBI VC Trade has reached a deal to absorb assets and customer accounts from the hacked crypto exchange DMM Bitcoin, providing relief to affected users. This agreement comes after DMM Bitcoin’s $320 million hack, where
North Korean hackers, linked to the TraderTraitor group, stole 4,500 Bitcoins earlier this year. SBI VC Trade has committed to transferring customer accounts to its platform by March 2025, ensuring users don’t have to create new accounts.
This partnership is expected to restore trust and support users impacted by the breach.
New Offerings and Expanded Services
SBI VC Trade plans to introduce 14 new crypto products, which will include popular cryptocurrencies that were previously offered by DMM Bitcoin.
However, SBI has made it clear that certain services, such as crypto-to-crypto trading pairs like ETH/BTC and leveraged trading, will not be part of the migration.
This decision allows SBI to focus on spot trading and simplify its service offering. Leveraged trading positions that were left unsettled on DMM Bitcoin will not be transferred to the new platform, leaving those positions outside the scope of the current deal.
North Korean Hack and its Aftermath
The FBI investigation into the DMM Bitcoin hack revealed that North Korean hackers exploited a LinkedIn recruitment scam to access sensitive systems. A compromised employee unwittingly introduced malware, which was later used to breach DMM Bitcoin’s servers.
This attack has drawn attention to the growing cybersecurity risks faced by the cryptocurrency industry, with North Korean hacker group Lazarus Group being linked to multiple high-profile breaches.
Despite the devastating theft, SBI VC Trade’s acquisition marks a step toward ensuring affected users can recover their funds.
Key Insights:
SBI VC Trade will take over DMM Bitcoin’s assets and customer accounts by March 2025.
14 new crypto products will be added, but crypto-to-crypto pairs and leveraged trading are excluded.
FBI investigation reveals North Korean hackers used LinkedIn to exploit vulnerabilities in DMM Bitcoin’s systems.
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